Massaad Fares: Demand for buying never stopped even though the market is going through a lull period
The management of the Sama Beirut project announced that 40% of apartments in the tower, which is the highest in Lebanon, have already been sold two years before the project delivery date, predictably towards the end of 2014. In a statement, the project management explained that "the construction of the tower's podium is almost halfway through and has reached the 21st floor out of 50 in total."
Massaad Fares, manager of Prime Consult, which is the company in charge of Sama Beirut marketing and sales, said that "demand for buying units in Sama Beirut did slow down but never stopped even though the market is going through a lull period. Up until today, sales amount to $130 million, i.e. 40% of Sama Beirut's value, including about 1,800 m2 of office space."
Located in Achrafieh's - Sodeco area, Sama Beirut is composed of 50 floors, seven of which - from the 2nd to the 8th floor - house offices with units starting at 231 m2. Offices earmarked for sale are located on two floors and have all been sold whereas the remaining office units are to be put up for rent. 81 residential apartments spread from the 10th to the 50th floor compared to 75 apartments only in the initial plans. Fares explained: "Ever since the project was launched in August 2009, sales mainly occurred for apartments located on the 16th to the 39th floor with surface areas ranging between 296 m2 and 526 m2. We had to bring some life back to the lower floors from the 10th to the 15th floor, hence the decision to have them divided into four apartments instead of the initial three and to offer six smaller units with a surface area of 194 m2 each. We can now offer housing for all budgets and two 194 m2 residential units have already been sold these past few weeks."
Based on these changes, each floor from the 10th to the 15th is composed of four apartments, two of which spread over de 291 m2 while the remaining two have a surface area of 194 m2 and 272 m2 respectively. From the 16th to the 19th floor, the tower includes 3 apartments with a surface area of 296 m2, 373 m2 and 379 m2 respectively. From the 21st to the 29th floors, it includes 2 apartments with a surface area of 496 m2 and 461 m2 respectively, whereas the units located on the 31st to the 39th floor spread over 526 m2 and 342 m2 respectively. The rest of the tower is dedicated to a special type of homes with one apartment per floor. The 612 m2 and 752 m2 apartments offer an impressive view over Lebanon whereas the last two floors are earmarked for a penthouse with a surface area of 1,414 m2.
Fares indicated that prices start at $4,900/m2 (for the 10th floor) and increase with each additional floor. "The smallest apartment, the surface area of which is 194 m2, has a starting price of $950,000. Most buyers are Lebanese nationals. 60% of them are expatriates and many live in the United States and Europe," he said.
The 193-meter tower rises to an altitude of 256 m above sea level. In addition to its strategic location at the heart of the capital and a few minutes away from downtown Beirut, it offers stunning views of the sea, the mountain and the city's streets, which are teeming of life.
The ground floor houses six high-end boutiques, which are totally in sync with the tower's architectural spirit, and are to be sold or rented. Each shop spreads over 300 m2 at least and includes a basement, a ground floor and a mezzanine.
Seven basements are used for storage rooms, parking spots for residents and visitors, mechanical rooms, visitors' parking spaces, drivers' lounge, multifunctional room and a 1,000m² private health club for the owners' exclusive use.
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© Press Release 2013
